Crypto exchange Ethfinex will restart under the DeversiFi brand with a new governance structure
The sister platform of the Bitfinex cryptocurrency exchange is relaunching under a new name. From now on, the platform, operating under the Ethfinex brand, will be known as DeversiFi. In addition, the exchange will no longer be controlled by Bitfinex and use its operating resources..
Ethfinex was positioned as a peer-to-peer exchange for exchanging ERC20 tokens. At the time of closure, the site had less than 10,000 users, concentrated mainly in Europe. DeversiFi Expects To Become “Much More Competitive” By Launching “A Whole New Institutional Trader Settlement Exchange”.
“This is more than a rebranding. It’s all about increasing room for further growth, ”said Will Harborne, CEO of DeversiFi, noting that they expect to attract customers with low fees and regulated products..
DeversiFi will also no longer be responsible for conducting Initial Exchange Offerings (IEOs) on the Tokinex platform for the benefit of Bitfinex.
Harborne clarified that while Bitfinex CTO and former Ethfinex Paolo Ardoino will no longer be involved in the day-to-day operations of the exchange, he was invited to participate in the project as a technical advisor..
“Paolo and I are very close. I don’t think anyone else has this experience in high-speed trading, ”Harborne said..
DeversiFi will absorb the remaining Etfhinex revenue, but will change its domicile to the Virgin Islands. In the future, the company intends to obtain the approval of European regulators and attract external funding for the development of new software. In addition, the exchange will launch decentralized margin trading using specialized tokens.
Additional benefits of DeversiFi include the ability to trade from users’ own wallets and the liquidity of a large exchange. The platform expects to reach trading volumes at the level of “5-10 million per day”.